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Restructuring Plan | 3 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Plan | Restructuring Plan Restructuring Plan On May 23, 2023, the Board of Directors approved the Company’s May 2023 Restructuring Plan which includes site consolidations, facilities moves and closures, as well as the relocation and requalification of certain manufacturing facilities. These restructuring actions are expected to be accompanied by other cost reductions, and are intended to realign our cost structure as part of a transformation to a simpler, more streamlined, resilient and sustainable business model. We evaluate restructuring charges in accordance with ASC 420, Exit or Disposal Cost Obligations (ASC 420), and ASC 712, Compensation-Nonretirement Post-Employment Benefits (ASC 712). In the three months ended September 30, 2024, these activities resulted in $24 million of charges primarily for impairment losses associated with the sale of our Newton Aycliffe business, accelerated depreciation, and site move costs. In the three months ended September 30, 2023, these activities resulted in $3 million of charges primarily for employee termination costs as well as site move costs, write-off of property and equipment and acceleration of depreciation. We expect the restructuring actions to be substantially completed by the end of fiscal 2025. However, the actual timing and costs associated with these restructuring actions may differ from our current expectations and estimates and such differences may be material. Activity and accrual balances for the Restructuring Plan were as follows for the three months ended September 30, 2024 and September 30, 2023 ($000):
| Severance |  | Asset Write-Offs |  | Other |  | Total Accrual
Balance - June 30, 2024 | $ | 51,061 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,061 |
Restructuring charges (recoveries) | (455) |  |  | 15,970 |  |  | 8,850 |  |  | 24,365 |
Payments | (6,796) |  |  | — |  |  | — |  |  | (6,796) |
Asset write-offs and other | — |  |  | (15,970) |  |  | (8,850) |  |  | (24,820) |
Balance - September 30, 2024 | $ | 43,810 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,810 |
| Severance |  | Asset Write-Offs |  | Other |  | Total Accrual
Balance - June 30, 2023 | $ | 64,379 |  |  | $ | — |  |  | $ | — |  |  | $ | 64,379 |
Restructuring charges | 2,050 |  |  | 269 |  |  | 699 |  |  | 3,018 |
Payments | (7,930) |  |  | — |  |  | — |  |  | (7,930) |
Asset write-offs and other | — |  |  | (269) |  |  | (699) |  |  | (968) |
Balance - September 30, 2023 | $ | 58,499 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,499 |
At September 30, 2024, $14 million and $30 million of accrued severance related costs were included in other accrued liabilities and other liabilities, respectively, and are expected to result in cash expenditures through fiscal 2028. The current year severance related recoveries are primarily comprised of adjustments to accruals for severance pay for employees being terminated due to the consolidation of certain manufacturing sites, with severance recorded in accordance with ASC 712. The prior year severance related costs are primarily comprised of severance pay for employees being terminated due to the consolidation of certain manufacturing sites, with severance recorded in accordance with ASC 712. By segment, for the three months ended September 30, 2024, $24 million of restructuring costs were incurred in the Materials segment, and an immaterial amount of restructuring costs were incurred in the Lasers and Networking segments. By segment, for the three months ended September 30, 2023, $5 million of restructuring costs were incurred in the Materials segment, partially offset by $2 million of restructuring recoveries in the Networking segment. Restructuring charges and recoveries are recorded in Restructuring Charges in our Condensed Consolidated Statements of Earnings (Loss).

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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